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Ted Kelly’s pay shocking on several levels

Retired Liberty Mutual chief Ted Kelly has emerged as our new local poster manager for executive compensation excess. Kelly, who led the company for 13 years, earned more than $40 million a year over his last four years and more than $31 million annually during his last decade at Liberty Mutual. But the dollars are only half the story. The rest is about a striking lack of transparency and accountability to the company’s policyholders.

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Comments

How do you justify 15-20 million a year for a part time job like a professional athelete? They get paid even for poor performance.

Mr. Kelly is a perfect example of the kind of greedy CEO that is (or should be) an embarrassment to American business. What's abundantly clear is that many of the executives at the top of U.S. corporations are, to put it bluntly, not people of very good character. I would say - by definition - that anyone taking this kind of money out of a public company (owned by shareholders) or a mutual life insurance company (owned by policyowners) is either deluded (they think they're actually worth it) or a thief (they know they're not worth it, but take the money anyway). It's interesting, though not surprising, to see that a number of his cronies on the board are retiring with him. It would be better if they all retired since they clearly don't have the best interests of the policyowners in mind. Kelly's compensation is larceny, pure and simple, and the insurance commissioner should get off his rear and do something about it.

Thank you Steve and Brian. We need to keep pounding the drums against these despicable, greedy, masters of the universe. Incredible1 is right to say the Insurance Commissioner should be doing something about this - but it'll never happen. She's probably overpaid too. As for the football and baseball players, they're just as bad. Society has allowed for a big chasm between HAVES and HAVE NOTS, and justice should demand that this chasm shrunken down to a more equitable level. Surely nobody needs the kind of money they make.

This level of comp for a mutual company? They are the closest thing to a quasi-regulated industry in the insurance business. I wonder what policy holders and employees feel like today. This makes for a great case study on the lack of board leadership. Who advocated for the interests of the policy (share) holders? The other lucky accountant; Tom May?

On this subject: the next time you read or hear that the "highly respected" Massachusetts Taxpayers Foundation is a "taxpayers advocate" be advised whose taxes they advocate for -- and it isn't the same lunch-bucket taxpayers for whom Citizens for Limited Taxation advocates. Check out MTF's executive committee alone, at: http://www.masstaxpayers.org/about_mtf/executive_committee Sure enough Liberty Mutual is represented: Christopher C. Mansfield Senior Vice President and General Counsel Liberty Mutual Insurance, Boston He's on MTF's board of trustees too.

Yeah, and rock stars, and many singers can't carry a tune, get millions a year. Many artists command huge prices. We gotta put a stop to free enterprise.